Litecoin Price Analysis

Recently, we discussed the chances of litecoin price testing the $ 40.00 resistance against the US dollar. The LTC/USD pair did move higher, but it failed to move past the $ 37.00 resistance.

Looking at the chart, LTC price formed a top near the $ 36.73 level and later started a downside correction. It declined sharply and broke the $ 35.00 support level. There was also a close below the $ 32.00 level and the 100 hourly simple moving average.

The price traded close to the $ 30.00 level where buyers emerged. A low was formed at $ 26.69 and later the price starting moving higher. It broke the 23.6% Fib retracement level of the recent decline from the $ 36.73 high to $ 26.69 low.

Moreover, there was a break above a short term channel with resistance at $ 31.00 on the hourly chart. It has cleared the path for a push towards the $ 33.00 level and the 100 hourly SMA.

The next major resistance is near $ 33.20 and the 50% Fib retracement level of the recent decline from the $ 36.73 high to $ 26.69 low. If there is a break above the $ 33.00 and $ 34.00 resistance levels, there could be a solid upward move in the near term.

Overall, litecoin price clearly failed to gain pace above the $ 37.00 level and declined heavily. Going forward, it must move past the $ 34.00 resistance to make another attempt. If not, it could revisit the $ 30.00 support area. Below $ 30.00, the price may even trade towards the $ 28.00 support in the short term.

The market data is provided by TradingView.

The post Litecoin (LTC) Price Analysis: Downside Correction Likely Complete appeared first on Ethereum World News.